UK recession not so bad after all
Office for National Statistics says GDP contracted by 0.4 per cent - not 0.7 per cent as originally estimated
The UK is not in as deep a recession as initially recorded. For the second month, estimates have been revised down. The Office for National Statistics originally said the country's GDP contracted by 0.7 per cent between April and June; now, it looks like the economy contracted by 0.4 per cent. The Daily Mail says the reported drop in household spending was also not as bad as first thought, down by 0.2 per cent against a previous estimate of 0.4 per cent. Last week Mervyn King said he detected "signs of a slow recovery". Retail spending also appears to be returning modestly.